The NY session was mostly on the quiet side as the Veteran's Day holiday made for some rather calm markets. The only major action occurred ahead of the 11am ET fixing. EUR/USD knifed down from 1.5030 to the 1.4960 area in a matter of minutes while GBP/USD sank one big figure to 1.6550 in that same span. The rest of the session was an absolute chopfest, devoid of any significant economic events. The US dollar index closed out the day just about flat despite the overall bid tone to the commodity complex, while stocks managed to eke out a 0.5% gain. The unstoppable force known as gold extended gains a further $12 and continued to approach a daily trendline by $1120. A daily close above that metric should open up potential to the $1150 area next.

Late in session we got September New Zealand retail sales and they came in flat MoM for the ex autos number. The market was looking for a 0.4% increase on the heels of the 1.2% jump the prior month, so the surprise was palpable. This saw Kiwi (NZD/USD) come off about 15 points from the 0.7400 pre-data trading zone. The stale nature of this data point should make the move rather unsustainable and we could be back above 0.74 in the blink of an eye. The action down under is far from done as we have Australian employment on deck later tonight. The consensus is for a -10K drop in employment, so a positive print could see AUD/USD take out those fresh 2009 highs near 0.9340/45 on the follow.